(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2015

(Loss) Earnings Per Share

11.    (Loss) Earnings Per Share

ASC Topic 260, “Earnings Per Share”, provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company’s outstanding non-vested restricted stock awards are participating securities. Accordingly, earnings per common share are computed using the two-class method.

The following table sets forth the computation of basic and diluted (loss) earnings per share under the two-class method:

	2015			2014			2013
Numerator for basic and diluted (loss) earnings per share:
Net (loss) income	$	(109,544	)	$	55,588		$	84,886
Effect of reallocating undistributed earnings of participating securities		—			(376	)		(530	)
Net (loss) income available under the two-class method	$	(109,544	)	$	55,212		$	84,356
Denominator:
Denominator for basic (loss) earnings per share—weighted-average shares		22,999,318			22,946,395			22,957,013
Effect of dilutive potential common shares		—			—			—
Denominator for diluted (loss) earnings per share—adjusted weighted-average shares		22,999,318			22,946,395			22,957,013
Basic (loss) earnings per share	$	(4.76	)	$	2.41		$	3.67
Diluted (loss) earnings per share	$	(4.76	)	$	2.41		$	3.67